Is a jewelry warranty the same thing as insurance?
No, a jewelry warranty is a guarantee from a manufacturer, brand, or retailer to cover any material or craftsmanship defects their products have. A warranty doesn't typically cover theft, loss, or damage to your jewelry. For that kind of coverage, you would need jewelry insurance — a standalone policy that provides greater protection for high-value jewelry.
Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.
What does a jewelry warranty cover?
Many pieces of jewelry, including engagement rings, come with warranty coverage for defects. These defects may include:
- Loose stones
- Broken hardware, such as clasps or fasteners
- Cracks in metal
If these types of issues are due to manufacturer defects, your warranty should cover repairs or replacement for the item in question. Some jewelry warranties may last for a limited period of time, while others may offer lifetime coverage. You may also need to have the item inspected periodically as a condition of the warranty. The retailer or manufacturer may also offer an extended warranty for purchase, but bear in mind that these generally only cover defects as well and last for a limited time.
Pro tip:
Property insurance, such as homeowners or renters insurance, may cover theft or damage to your jewelry due to fire and other perils. However, if the item you want to insure is worth more than your policy's sub-limit for jewelry, you may need to schedule it (also known as adding a rider) in order to cover it for its full value, which may increase your premium. You might also consider getting a separate jewelry insurance policy. Learn more about the different ways to insure your jewelry.
What doesn't a jewelry warranty cover?
Jewelry warranties typically don't cover:
- Wear and tear: This includes bands stretching over time, faded coatings, and other cosmetic issues that arise over time.
- Accidental damage: Accidents that cause loose stones, broken hardware, and other damage is generally not covered under warranty. For example, if you were to accidentally hit your ring against a wall or chair, causing a stone to come loose, your warranty might not cover the necessary repairs.
- Theft or loss: If your ring, necklace, or other jewelry is stolen or lost, your warranty won't cover the cost to replace it.
- Lost stones: Depending on the warranty, you may not be covered for lost stones, even if the stone's setting failed due to a manufacturer defect.
Should I have a jewelry warranty and jewelry insurance?
It depends on the value of the jewelry in question, as well as how much you personally value it. A common reason people buy insurance on top of their warranty is to protect their engagement ring. With insurance and a warranty, your ring is covered for defects as well as loss, theft, and accidental damage. Plus, jewelry insurance policies can be very affordable. For example, Progressive's jewelry insurance through Lavalier starts at $70 per year, and it typically only costs 1–2% of your jewelry's value.
If you own an expensive piece of jewelry, or a high-value jewelry collection, and you're concerned about theft or damage, a jewelry insurance policy may be right for you.
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Learn more about jewelry insurance policies.
